Lazard Asset Management LLC Invests $1.55 Million in The Marzetti Company $MZTI

Lazard Asset Management LLC purchased a new position in shares of The Marzetti Company (NASDAQ:MZTI) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 11,191 shares of the company’s stock, valued at approximately $1,548,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MZTI. M&T Bank Corp acquired a new position in Marzetti in the 4th quarter valued at $1,118,569,000. Vanguard Group Inc. purchased a new position in Marzetti during the 4th quarter worth $367,969,000. State Street Corp acquired a new stake in shares of Marzetti in the 4th quarter worth $160,722,000. First Trust Advisors LP boosted its holdings in shares of Marzetti by 18.2% in the first quarter. First Trust Advisors LP now owns 803,707 shares of the company’s stock valued at $111,177,000 after acquiring an additional 123,875 shares in the last quarter. Finally, Geode Capital Management LLC purchased a new stake in shares of Marzetti in the fourth quarter valued at about $103,681,000. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Luis Viso sold 1,221 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $109.31, for a total value of $133,467.51. Following the sale, the insider owned 1,924 shares of the company’s stock, valued at approximately $210,312.44. This represents a 38.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 29.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MZTI has been the topic of a number of recent analyst reports. Weiss Ratings lowered shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. Stephens cut their target price on Marzetti from $160.00 to $140.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Finally, DA Davidson raised Marzetti to a “hold” rating in a report on Monday, July 6th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $169.33.

Marzetti Stock Down 0.4%

Marzetti stock opened at $110.30 on Wednesday. The firm has a market capitalization of $3.02 billion, a PE ratio of 17.26 and a beta of 0.32. The firm’s 50-day simple moving average is $110.27 and its 200 day simple moving average is $132.94. The Marzetti Company has a 52 week low of $104.28 and a 52 week high of $190.96.

Marzetti Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, June 5th. Marzetti’s dividend payout ratio (DPR) is 62.60%.

About Marzetti

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.